Understanding Dharavi, Mumbai

When buying or renting in Dharavi, Mumbai, key points must be kept in mind:

Location and Accessibility

• Dharavi sits centrally in Mumbai. It's near two main train lines and close to the Bandra-Kurla Complex, an important business district. Plus, it's near the Chhatrapati Shivaji International Airport and big landmarks like the Gateway to India and Colaba.

Property Values and Pricing

• It's one of the world's largest slums but has high property values because of its ideal location. Small shelters as small as 40 square feet can cost up to Rs 10 lakh ($9,300) or rent for about Rs 5,000 ($75) monthly.
• Modern apartment prices vary, with 1 BHK flats renting for around ₹ 42,985 monthly or buying at over ₹ 22,059 per square foot.

Redevelopment Plans

• Plans to transform Dharavi into a modern township are underway. The floor-space ratio will change from 1.33 to 4, allowing high-rise constructions. Proof of residency since 2000 entitles residents to new, 355-square-foot homes for free, and luxury high rises will be built in excess.

Infrastructure and Amenities

• Currently, Dharavi lacks sanitation, sewers, and safe drinking water. Redevelopment will introduce these essentials and modern amenities like malls, hospitals, and schools.

Community and Literacy

• Dharavi is home to a diverse, multi-ethnic, and multi-religious community boasting a 69% literacy rate. Local women’s groups and community chats have been central to redevelopment plans.

Market Trends

• Dharavi's real estate shows major price shifts. The per square foot cost now is ₹ 12,653, with a small increase seen in the past year.

Types of Properties Available

For Sale:

• Various apartments—from 1 BHK to 4 BHK—are available at different price ranges. For instance, 1 BHKs can cost between ₹ 42 lakhs to ₹ 1.13 crores, and larger ones up to ₹ 7.61 crores.

For Rent:

• Rentals include 1 BHK flats for about ₹70,000 monthly. Dharavi offers limited options, but nearby places like Bandra West, Chembur, and Wadala provide more.

PropertyWala’s Take

Deciding to buy or rent in Dharavi, Mumbai, involves considering unique high property values and infrastructure problems. While the location is prime and plans for redevelopment are positive, today's amenities and living are crucial. Weighing long-term redevelopment gains against current living conditions is vital. If growth potential interests you, Dharavi might deliver good returns; patience and flexibility due to the ongoing area change are essential.